Bitcoin Value Plunges as DDoS Strikes Currency Exchanges

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medv4380:

Dogstile:

Snip...

Also, just about everyone I know who has invested into bitcoins have made back twice their investment and are now trading with money completely separate from their original investment. Their original investment is back in their pocket.

They key to your faulty logic is it is only everyone "you" know.

Its not faulty if the only thing i'm arguing against is that its stupid to invest in the first place. Its not, its a tool to make money if played correctly. Yes, it lacks a stable base like a national currency, which makes it fluctuate a lot. This is a good thing, because that means that you can buy low and sell high in waves by studying the trends and keeping track of the news. For example, we knew a month before China backed out that it was going to. We sold a week before China dropped and made a hell of a lot of cash.

Yes there is risk, that's half the fun. Now we're doing it with cash that we've made, so we're in the clear, we're not losing money anymore. If we lose what we have, it doesn't backrupt us, because we're at a profit and trading purely in coins that we've made by trading.

Yes, this means there are dumb people who heard about it and went "i'll give this a try" before losing everything. To say the entire practice is dumb because of those people is weird, seeing as exploiting those people is kind of the point of the service.

I really like that bitcoin isn't stable right now. It makes situations that are easy to profit on happen much faster than they do in a normal currency.

Incidentally, on the subject of the Bitcoin itself, I adore how people were previously talking about how the market's value was only increasing more and more, and how it was such a great market that's totally reliable. Yet a single major DDoS results in a plunge in market value, and exposes the weaknesses of a currency with no federal backing or globally recognized system of credit behind it.

Reminds me of those old commercials where the guy on the TV insisted that you should buy gold because "its value has never decreased". Commercials which were rapidly replaced once the value of gold took a few sharp tumbles in the market.

Commodity trading has a far greater level of risk than other forms of investment, primarily because said commodities only retain their value for so long as the reality of the commodity's actual value isn't realized. But once it is....market crashes are quick to follow. That's not to say they can't recover, mind, but it means that you're basically gambling your money on general marketplace ignorance. Meaning that once people catch onto the fact that it's not worth what you're trying to sell it for (whatever the reason may be), demand plunges, and you're going to lose value. Usually, quite a lot of it.

SL33TBL1ND:

Karloff:
The value of most other Bitcoin variants has fallen, dragged down by the drop in Bitcoin itself. The one exception so far is Dogecoin, whose value has risen markedly. It's now the third most valuable cryptocurrency, after its value soared 27% in 24 hours.

It's important to note, however, that each Dogecoin is worth virtually nothing, so a 27% increase isn't all that much when you really look at it. Which is part of the driving force behind its success, I suppose. People are far less worried about making transactions in a currency that's not even worth 2 10ths of 1 US cent (at the time of this post), and is used mostly as a joke (for now).

Whilst it is a joke and everything, people donating Dogecoin has paid for a few athletes to get to the winter olympics who wouldnt have been able to otherwise.

I love dogecoin, it's a very lighthearted joke, the only people who seem to dislike it/the idea of it are the Bitcoin fanatics

JarinArenos:
Instability and inherent silliness aside... doesn't bitcoin still cost significantly more to "mine" (in electricity costs) than the coin is, or ever has been, worth?

Vilealbaniandwarf:
What the fuck are bitcoins actually backed by? Most currencies are backed by countries, I'm still wrapping my head around why Bitcoins are even worth anything at all. Not just another extension of the current dotcom bubble that's going to crash sometime reeeeeeeaaaalll soon.

The same is true of actual money and a lot of bitcoiners defend bitcoin because it is closer to the "gold standard". (There is a finite limit on the amount of currency on the market) The truth is that at it's core concept (That's all it started as, a proof of concept) It's not a bad idea. Once it was taken onboard by the people who liked the idea of a de-centralized currency. (Libertarians, Black Market dealers, Speculators) It took off. It's very much a bubble and a scam in one.

Tropicaz:

SL33TBL1ND:

Karloff:
The value of most other Bitcoin variants has fallen, dragged down by the drop in Bitcoin itself. The one exception so far is Dogecoin, whose value has risen markedly. It's now the third most valuable cryptocurrency, after its value soared 27% in 24 hours.

It's important to note, however, that each Dogecoin is worth virtually nothing, so a 27% increase isn't all that much when you really look at it. Which is part of the driving force behind its success, I suppose. People are far less worried about making transactions in a currency that's not even worth 2 10ths of 1 US cent (at the time of this post), and is used mostly as a joke (for now).

Whilst it is a joke and everything, people donating Dogecoin has paid for a few athletes to get to the winter olympics who wouldnt have been able to otherwise.

I love dogecoin, it's a very lighthearted joke, the only people who seem to dislike it/the idea of it are the Bitcoin fanatics

I neither said it couldn't be used for anything, nor that I dislike it, nor did I say anywhere that I'm some sort of Bitcoin proponent. So, cool story, I guess.

Dogstile:

medv4380:

Dogstile:

Snip...

Also, just about everyone I know who has invested into bitcoins have made back twice their investment and are now trading with money completely separate from their original investment. Their original investment is back in their pocket.

They key to your faulty logic is it is only everyone "you" know.

snip

To say the entire practice is dumb because of those people is weird, seeing as exploiting those people is kind of the point of the service.

snip

I'll keep this saved. Rarely do I see a bitcoiner actually claim that it's a Ponzi Scheme. Usually they fight tooth an nail to shun the stigma. Otherwise new marks won't join in. But you boldly and proudly pronounce your intentions as to exploit the new people joining in. Congrats on getting the Madoff Achievement in life and actually embracing it.

And to reaffirm. It is completely dumb because it's little more than a scam to get rich quick. Regardless what the name of the scam is.

medv4380:

Dogstile:

medv4380:
They key to your faulty logic is it is only everyone "you" know.

snip

To say the entire practice is dumb because of those people is weird, seeing as exploiting those people is kind of the point of the service.

snip

I'll keep this saved. Rarely do I see a bitcoiner actually claim that it's a Ponzi Scheme. Usually they fight tooth an nail to shun the stigma. Otherwise new marks won't join in. But you boldly and proudly pronounce your intentions as to exploit the new people joining in. Congrats on getting the Madoff Achievement in life and actually embracing it.

And to reaffirm. It is completely dumb because it's little more than a scam to get rich quick. Regardless what the name of the scam is.

Keep it saved. Anyone who thinks the point of trading bitcoins is not to make money off of people is an idiot and a liar. I won't concede to it being an actual Ponzi scheme though, as it is completely transparent in how it works and everyone who trades in bitcoins is trying to one up the other people who do the same, whereas a ponzi scheme is making money off of people who expect to get their money back.

So, in the end, what'd they find? They found it was trying to be a substitute for money, but it was really all empty promises, a scam, a lark, a scheme, a fake, a falsehood, and so on. Now that we can see that it is {A} not real money and {B} not even viable as credit or stocks, can we just bury this malarkey once and for all? Buying Zen for Star Trek Online is like online money, but it's just for a game. It's not real and it has no intrinsic value outside of its personal fantasy. Bitcoins are like milkcaps and pogs: Basically? WORTHLESS!

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